Applications Rise

The Market Composite Index, an overall measure of mortgage applications, rose from 644.5 to 683.6 on a seasonally adjusted basis during the week ended April 8, according to the Mortgage Bankers Association's Weekly Mortgage Applications Survey.On an unadjusted basis, applications rose 6.2% on the week but were down 12.1% from their level a year earlier. The Purchase Index rose from 446.0 to 474.5 on a seasonally adjusted basis, while the Refinance Index climbed from 1798.8 to 1899.6. Refinancings represented 38.1% of total applications, down from 38.3% the previous week, while adjustable-rate mortgages accounted for 35.8%, the MBA said. The average contract interest rate for 30-year fixed-rate mortgages rose from 5.91% to 5.95%, and points (including the origination fee) increased from 1.26 to 1.36 for loans with 80% loan-to-value ratios, the MBA reported. The MBA can be found online at http://www.mortgagebankers.org.